The Noreco total 1P reserves are 18.8 million barrels of oil equivalents (mmboe), 2P reserves are 31.0 mmboe and contingent resources are 102.1 mmboe. Noreco's classification of reserves is based on the Society of Petroleum Engineers' (SPE) Petroleum Resource Management System published in 2007. The system is a recognized resource classification system in accordance to the Oslo Børs Circular 2/2007.

 

The reported reserves estimates for the Danish producing fields have been prepared by the independent, third party experts DeGolyer and MacNaughton with input data from Noreco and its license partners. For the Norwegian producing fields the reserve estimates have been prepared by experi­enced professionals in Noreco. Contingent resources were verified by the independent, third party experts Senergy in 4Q 2007.

 

This is the first time Noreco reports an annual reserve statement. According to the SPE system, all 15 discoveries in the portfolio have been classified as contingent resources. The resource estimates for these discoveries are unchanged from the estimated that were included in the Noreco prospectus of 1 November 2008. Several of the discoveries are in the process of being proposed for development, and are expected to be promoted from contingent resources to reserves by year end 2008.  

 

The annual reserve statement forms part of Noreco's annual report for 2007, which was published today.

 

Scott Kerr, CEO (+47 992 83 890)

Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)

www.noreco.com